TII to invest ₹100 cr. more in CG Power.

Tube Investments of India Ltd. (TII), a Murugappa Group firm, has decided to invest an additional ₹100 crore in CG Power and Industrial Solutions Ltd. to meet the latter’s additional funding requirements.

The fresh infusion is in addition to the investment of ₹700 crore in equity shares and warrants announced on August 7 to bail out the cash-strapped firm, TII said.

TII will subscribe to 6.87 lakh equity shares of CG Power at ₹14.55 per share on a preferential basis.

After the subscription, TII’s stake would rise to 58.58%. TII’s board had approved the proposal.

THE HINDU